TIME TECHNO 2023-24 Annual Report Analysis

Wed, 11 Sep

TIME TECHNO has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

TIME TECHNO Income Statement Analysis

• Operating income during the year rose 16.4% on a year-on-year (YoY) basis.
• The company's operating profit increased by 19.7% YoY during the fiscal. Operating profit margins witnessed a fall and down at 13.8% in FY24 as against 13.5% in FY23.
• Depreciation charges increased by 1.0% and finance costs decreased by 3.6% YoY, respectively.
• Other income grew by 277.8% YoY.
• Net profit for the year grew by 41.2% YoY.
• Net profit margins during the year grew from 5.2% in FY23 to 6.3% in FY24.

TIME TECHNO Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	42,894	49,925	16.4%
Other income	Rs m	37	141	277.8%
Total Revenues	Rs m	42,932	50,066	16.6%
Gross profit	Rs m	5,771	6,908	19.7%
Depreciation	Rs m	1,709	1,726	1.0%
Interest	Rs m	1,052	1,014	-3.6%
Profit before tax	Rs m	3,048	4,310	41.4%
Tax	Rs m	810	1,151	42.0%
Profit after tax	Rs m	2,238	3,159	41.2%
Gross profit margin	%	13.5	13.8
Effective tax rate	%	26.6	26.7
Net profit margin	%	5.2	6.3

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TIME TECHNO Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 11 billion as compared to Rs 11 billion in FY23, thereby witnessing an increase of 6.7%.
• Long-term debt down at Rs 2 billion as compared to Rs 2 billion during FY23, a fall of 32.6%.
• Current assets rose 12% and stood at Rs 26 billion, while fixed assets fell 2% and stood at Rs 14 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 41 billion as against Rs 38 billion during FY23, thereby witnessing a growth of 7%.

TIME TECHNO Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	22,658	25,522	12.6
Current Liabilities	Rs m	10,740	11,457	6.7
Long-term Debt	Rs m	2,455	1,654	-32.6
Total Liabilities	Rs m	38,293	41,140	7.4
Current assets	Rs m	23,039	25,742	11.7
Fixed Assets	Rs m	14,846	14,495	-2.4
Total Assets	Rs m	38,293	41,140	7.4

TIME TECHNO Cash Flow Statement Analysis

• TIME TECHNO's cash flow from operating activities (CFO) during FY24 stood at Rs 4 billion, an improvement of 9.7% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -2 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -2 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 219 million from the Rs 8 million net cash flows seen during FY23.

TIME TECHNO Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	3,702	4,062	9.7%
Cash Flow from Investing Activities	Rs m	-2,155	-1,870	-
Cash Flow from Financing Activities	Rs m	-1,539	-1,973	-
Net Cash Flow	Rs m	8	219	2,627.7%

Current Valuations for TIME TECHNO

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 13.9, an improvement from the EPS of Rs 9.9 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 410.6, stands at 27.5 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.7 times, while the price to sales ratio stands at 1.9 times.
• The company's price to cash flow (P/CF) ratio stood at 8.0 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	189.7	220.0
TTM Earnings per share	Rs	9.9	13.9
Diluted earnings per share	Rs	9.9	13.9
Price to Cash Flow	x	4.4	8.0
TTM P/E ratio	x	7.8	27.5
Price / Book Value ratio	x	0.9	1.5
Market Cap	Rs m	21,433	38,965
Dividends per share (Unadj.)	Rs	1.3	2.0

Ratio Analysis for TIME TECHNO

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 2.2x during FY24, from 2.1x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 5.2x during FY24, from 3.9x during FY23. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at 12.4% during FY24, from 9.9% during FY24. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 19.6% during FY24, from 16.3% during FY23. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company improved and stood at 10.1% during FY24, from 8.6% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	2.1	2.2
Debtors’ Days	Days	802	791
Interest coverage	x	3.9	5.2
Debt to equity ratio	x	0.1	0.1
Return on assets	%	8.6	10.1
Return on equity	%	9.9	12.4
Return on capital employed	%	16.3	19.6

To see how TIME TECHNO has performed over the last 5 years, please visit here.

TIME TECHNO Share Price Performance

Over the last one year, TIME TECHNO share price has moved up from Rs 149.1 to Rs 410.6, registering a gain of Rs 261.5 or around 175.4%.

Overall, the S&P BSE SENSEX is up 22.2% over the year.

(To know more, check out historical annual results for TIME TECHNO and quarterly results for TIME TECHNO)